English  |  正體中文  |  简体中文  |  Items with full text/Total items : 49633/84879 (58%)
Visitors : 7694248      Online Users : 56
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/64123


    Title: Partial Auction, Pricing Information, and Price Adjustment in the IPOs Aftermarket:An Empirical Study of TAIEX-listing Firms
    Authors: Yen, Gili;Chen, Ching-lung
    Contributors: 淡江大學會計學系
    Date: 2009-06
    Issue Date: 2011-10-20 12:44:12 (UTC+8)
    Publisher: Abingdon, Oxon: Routledge
    Abstract: The present study examines the introduction of partial auction on speed of price adjustment in the Initial Public Offering's (IPO) aftermarket in Taiwan. From a paired comparison between before/after introducing partial auction sub-samples of the IPO firms, as expected, it is found that the average trading days of stock prices needed for reaching equilibrium is significantly smaller in the ‘issues after introducing partial auction’ sub-period, when compared with the ‘issues before introducing partial auction’ sub-period. Within the post-partial-auction sub-period, it is found that the average trading days of stock prices needed for reaching equilibrium is somewhat smaller in the ‘issues with partial auction’ subgroup when compared with the ‘issues without partial auction’ subgroup, but, when the observation period is extended to 3 months, the difference as expected disappears. More importantly, the average number of days of completing adjustment for both ‘issues with partial auction’ and ‘issues without partial auction’ subgroups are shortened as a result of the introduction of partial auction when compared with their counterpart in the pre-partial-auction sub-period. When ‘firm size’ and ‘book-to-market ratio’ are added in company with three other explanatory variables in a regression analysis, the inference that the introduction of the partial auction speeds up the price adjustment in the aftermarket remains intact. The present study therefore concludes that the speed of adjustment quickens after introducing auctions mechanism into Taiwan IPO market.
    Relation: Applied Financial Economics 19(8), pp.669-680
    DOI: 10.1080/09603100802129759
    Appears in Collections:[會計學系暨研究所] 期刊論文

    Files in This Item:

    File SizeFormat
    index.html0KbHTML128View/Open

    All items in 機構典藏 are protected by copyright, with all rights reserved.


    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback